Condo owners in Austin can rely on the master policy to cover the building and common spaces. However, it’s important to realize that the policy typically will not cover the condo’s interior.
This policy does not cover your belongings, improvements you’ve made, and liability coverage for claims against you.
In this post, we will discuss the insurance plans that all condo owners in Austin must have. We will also explore additional coverage options that can offer more protection.
Condo insurance, also known as an HO-6 policy, is specifically designed for condo owners. It is an insurance policy that covers personal property and liability. Most policies also cover additional living expenses if you can’t stay in your condo due to damage or repairs.
HO-6 policies typically cover the following:
Standard condo insurance covers damage caused by “named perils,” which includes the following:
An HO-6 policy is a type of insurance for condos that covers only 16 specific types of damages. An HO-17 32 endorsement protects from a wider range of perils. It can be helpful if you believe your condo is at risk for additional perils.
An HO-17 31 endorsement expands the coverage for your personal property beyond the “named perils” in your standard policy. Instead of only covering specific incidents like fire or theft, this policy covers you for “all risks.” However, there are exclusions to the policy.
A replacement cost endorsement is also worth adding. It provides coverage for what your personal property would cost to replace today—not its depreciated value.
Condo insurance can be complex. It can help to have coverage beyond the standard policy. You might want to consider speaking with an insurance agent before selecting coverage.
If you need help buying a condo in Downtown Austin, we can help. Click here for our contact page, and we’ll reach out to you promptly.
Would you like to see more great info from Capital Downtown Realtors? Please click here for our blog page. Please click here for our “Meet the Realtors” page to learn more about my team.
Thanks for visiting!